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Garmin (GRMN) Boosts Marine Offerings With New Chartplotters
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Garmin (GRMN - Free Report) is leaving no stone unturned to strengthen its Marine segment on the back of portfolio expansions.
In this regard, the company expanded its GPSMAP x3 family with the introduction of GPSMAP 16x3 chartplotters.
These chartplotters boast a high-resolution 16-inch touchscreen display with built-in navigation and sonar support, offering superior clarity and sunlight readability, even with polarized sunglasses.
Additionally, the newly launched chartplotters offer mariners simple navigation with built-in Garmin Navionics+ mapping with Auto Guidance+ technology. It has a sleek design for various dash configurations and impressive processing power for onboard sensors like sonar and radar, enhancing the user experience across the network.
It also integrates with a Garmin Force trolling motor and offers seamless connectivity with compatible sonar, autopilot, radars, instruments and cameras, allowing anglers to create routes and control speed.
Garmin is expected to gain solid traction across anglers and boaters on the back of its latest move.
Apart from GPSMAP 16x3, Garmin recently unveiled the Panoptix PS70, a live sonar system powered by Garmin RapidReturn technology, providing real-time underwater visibility at greater depths.
The company also launched its next-generation marine smartwatch, the quatix 7 Pro, featuring a 1.3" AMOLED display, scratch-resistant sapphire lens, 16-day battery life, LED flashlight, Trolling Motor Remote and Fish Forecast apps. The smartwatch is also compatible with chartplotters, autopilots and Fusion audio systems.
Additionally, Garmin launched the ECHOMAP Ultra 2 chartplotter series, boasting advanced features, such as UHD scanning sonar, preloaded Garmin Navionics+ mapping, wireless networking and a one-year daily updates subscription.
Also, the company’s introduction of the GPSMAP 9000 chartplotter series to expand its chartplotter offerings remains noteworthy. The chartplotter series offers faster networking speeds for mariners, enhances multimedia streaming, video integration and HDCP distribution, and can connect to other Garmin marine systems via NMEA 2000 and 0183 networks.
Wrapping Up
Garmin’s growing endeavors to expand its marine offerings will enable it to capitalize on growth opportunities present in the global marine electronics market.
Per a Skyquestt report, the global marine electronics market is expected to reach $8.1 billion by 2030, witnessing a CAGR of 5.2% between 2023 and 2030.
Moreover, strengthening marine offerings is likely to aid growth in the marine segment, which, in turn, will bolster Garmin’s overall top-line performance in the near term.
The Zacks Consensus Estimate for 2024 revenues is pegged at $5.52 billion, indicating growth of 7.2% year over year.
The consensus mark for 2024 earnings is pegged at $5.47 per share, suggesting growth of 3.9% from the year-ago reported figure.
Zacks Rank & Stocks to Consider
Garmin currently carries a Zacks Rank #4 (Sell).
GRMN shares have lost 5.8% in the year-to-date period against the Zacks Computer & Technology sector’s growth of 8.3%.
Image: Bigstock
Garmin (GRMN) Boosts Marine Offerings With New Chartplotters
Garmin (GRMN - Free Report) is leaving no stone unturned to strengthen its Marine segment on the back of portfolio expansions.
In this regard, the company expanded its GPSMAP x3 family with the introduction of GPSMAP 16x3 chartplotters.
These chartplotters boast a high-resolution 16-inch touchscreen display with built-in navigation and sonar support, offering superior clarity and sunlight readability, even with polarized sunglasses.
Additionally, the newly launched chartplotters offer mariners simple navigation with built-in Garmin Navionics+ mapping with Auto Guidance+ technology. It has a sleek design for various dash configurations and impressive processing power for onboard sensors like sonar and radar, enhancing the user experience across the network.
It also integrates with a Garmin Force trolling motor and offers seamless connectivity with compatible sonar, autopilot, radars, instruments and cameras, allowing anglers to create routes and control speed.
Garmin is expected to gain solid traction across anglers and boaters on the back of its latest move.
Garmin Ltd. Price and Consensus
Garmin Ltd. price-consensus-chart | Garmin Ltd. Quote
Expanding Marine Portfolio
Apart from GPSMAP 16x3, Garmin recently unveiled the Panoptix PS70, a live sonar system powered by Garmin RapidReturn technology, providing real-time underwater visibility at greater depths.
The company also launched its next-generation marine smartwatch, the quatix 7 Pro, featuring a 1.3" AMOLED display, scratch-resistant sapphire lens, 16-day battery life, LED flashlight, Trolling Motor Remote and Fish Forecast apps. The smartwatch is also compatible with chartplotters, autopilots and Fusion audio systems.
Additionally, Garmin launched the ECHOMAP Ultra 2 chartplotter series, boasting advanced features, such as UHD scanning sonar, preloaded Garmin Navionics+ mapping, wireless networking and a one-year daily updates subscription.
Also, the company’s introduction of the GPSMAP 9000 chartplotter series to expand its chartplotter offerings remains noteworthy. The chartplotter series offers faster networking speeds for mariners, enhances multimedia streaming, video integration and HDCP distribution, and can connect to other Garmin marine systems via NMEA 2000 and 0183 networks.
Wrapping Up
Garmin’s growing endeavors to expand its marine offerings will enable it to capitalize on growth opportunities present in the global marine electronics market.
Per a Skyquestt report, the global marine electronics market is expected to reach $8.1 billion by 2030, witnessing a CAGR of 5.2% between 2023 and 2030.
Moreover, strengthening marine offerings is likely to aid growth in the marine segment, which, in turn, will bolster Garmin’s overall top-line performance in the near term.
The Zacks Consensus Estimate for 2024 revenues is pegged at $5.52 billion, indicating growth of 7.2% year over year.
The consensus mark for 2024 earnings is pegged at $5.47 per share, suggesting growth of 3.9% from the year-ago reported figure.
Zacks Rank & Stocks to Consider
Garmin currently carries a Zacks Rank #4 (Sell).
GRMN shares have lost 5.8% in the year-to-date period against the Zacks Computer & Technology sector’s growth of 8.3%.
Some better-ranked stocks in the broader technology sector are CrowdStrike (CRWD - Free Report) , Badger Meter (BMI - Free Report) and AMETEK (AME - Free Report) . CrowdStrike currently sports a Zacks Rank #1 (Strong Buy), and Badger Meter and AMETEK carry a Zacks Rank #2 (Buy) each. You can see the complete list of today’s Zacks #1 Rank stocks here.
Shares of CrowdStrike have gained 26.3% in the year-to-date period. The long-term earnings growth rate for CRWD is 36.07%
Shares of Badger Meter have risen 15.7% in the year-to-date period. The long-term earnings growth rate for BMI is 12.27%.
Shares of AMETEK have gained 13.5% in the year-to-date period. The long-term earnings growth rate for AME is 9.19